S. Korea`s KNOC, Sinopec sign accord on oil exploration

SEOUL, Sept. 24 (Yonhap) -- South Korea's state-run oil company said Thursday it
has agreed to cooperate in overseas oil exploration, production and trading with
China Petrochemical Corp., known as Sinopec Group.
The Korea National Oil Corp. (KNOC) said it has signed a memorandum of
understanding (MOU) with Sinopec Group's two affiliates on cooperation in crude
oil storage, trade and marketing.
Earlier this year, Sinopec bought Swiss oil explorer Addax Petroleum Corp for
US$7.24 billion in China's biggest overseas acquisition following a
behind-the-scenes bidding war with the KNOC.
sam@yna.co.kr
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